This form is an assumption agreement for a Small Business Administration (SBA) loan. Party assuming the loan agrees to continue payments thereon. SBA agrees to the assumption of the loan and release of original debtor. Adapt to fit your circumstances.
Eidl Loan Rules In Maricopa
Category:
State:
Multi-State
County:
Maricopa
Control #:
US-00193
Format:
Word;
Rich Text
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FAQ
Businesses must meet the following criteria to qualify for economic injury: The business was directly impacted by the disaster. The business cannot cover expenses due to the disaster and/or debt payments. The business was physically located in the declared disaster area.
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
More info
Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments.Find out how to apply for a small business disaster loan if your business suffered damage and is in a presidentially declared disaster area. The loans under SBA's EIDL program are tailored uniquely to a specific natural disaster after a Governor requests SBA's assistance for affected counties. This loan cap includes both economic injury and physical damage assistance. These loans are unsecured, meaning there is no collateral attached to them, and no personal guarantees are required. The first page of the application is simply to verify your eligibility for the loan program itself. EIDLs are available to small businesses and nonprofit organizations that have suffered a substantial economic injury as of result of COVID19. The EIDL Loan has some scary sounding provisions in the loan documents in regard to collateral. Eased borrowing requirements for the Economic Injury Disaster Loan.